TMI's commitment to expand its retail insurance services also supports the government's policy to increase the capacity and competitiveness of MSMEs in the country.  The launch of UKM Partner, TMI's MSME loss insurance is also in line with the momentum of the National MSME Day which falls on August 12.

“We believe that TMI's SME Partner loss insurance can support MSME businesses in terms of protection of assets, business, customers, and employees,” said Sancoyo Setiabudi, President Director of TMI.  

Data from the Indonesian Chamber of Commerce (KADIN) states that MSMEs play a vital role in Indonesia's economic growth, reaching 99% of all business units.  In 2023, the number of MSME businesses will reach around 66 million. The contribution of MSMEs is 61% of Gross Domestic Product (GDP) or equivalent to Rp 9,580 trillion. Meanwhile, MSMEs absorb around 117 million workers (97%) of the total labor force.

TMI's SME Partner loss insurance targets MSMEs from office affairs, healthcare, pastime recreation, food, education, retail, beauty sectors, including private warehouses, gas stations, car repair shops, and car showrooms. SME Partner TMI has 4 advantages over similar products:

1. Proposition according to business field and flexibility of coverage and limit (according to the needs and budget of the business owner);
2. Comprehensive coverage;
3. Products are designed in package form, thus facilitating the purchasing process; and
4. Simple claim process according to the characteristics of SMEs.

“From a product perspective, UKM Partner TMI is a safety tool for MSME business continuity to mitigate various risks of loss that may arise, whether caused by financial factors, accidents, fire, theft, legal liability, supply chain disruptions, or natural disasters so that a sense of security and worry-free in doing business can be built.” 

“Another advantage of TMI's SME Partner loss insurance policy is the guarantee of fast, easy claim payment/implementation, and has been recognized by loss insurance business players in Indonesia,” said Djoko Mulyono, Product Development Head of TMI. 

Currently, prospective customers can purchase custom insurance policies or policies tailored to their needs by contacting TMI insurance agents. This means that TMI insurance agents totalling around 500 agents and spread across 12 cities in Indonesia will conduct sales, education, risk assessment, and up to the issuance of electronic policies (e-policies) for loss insurance that should be taken by MSME customers. However, in the future, this product will also be marketed through various other distribution channels such as brokers, e-commerce, and related institutions/communities to reach a wider MSME target. 

This is in accordance with TMI's business principles that prioritize the value of looking beyond profit, namely acting with integrity for the benefit of customers, business partners, and society.

TMI Partner's SME loss insurance is expected to reach more than 50,000 SME customers within the next 3 years.  Factors that support this achievement include stimuli that have been and will be issued by the government, both in the form of capacity building programs from related ministries and MSME capital assistance from financial institutions whose numbers continue to increase (including the state budget for MSMEs and People's Business Credit/KUR).  

“In the context of long-term business, MSMEs in Indonesia must be able to manage business risks and immediately adopt loss insurance to protect their business in order to grow and develop properly.” 

“In addition, with 66 million MSME players and only 10% participating in the insurance program, our target of 50,000 customers in the next 3 years is still realistic to achieve,” said Muhammad Ali, Chief Distribution Officer of TMI.   

We understand that each MSME player has unique needs and risks. Therefore, to support the creation of easy, fast, and safe services according to customer needs, every TMI insurance agent is now equipped with the Tokio Marine Agency Application (TAPPS) in selling SME partner products. TAPPS provides agents with tremendous flexibility in the sales process, enabling them to create offers tailored to customer needs, process payments, and issue insurance policies instantly. This digital initiative confirms TMI's commitment to innovation and customer-focused services in the ever-evolving digital era. Going forward, TAPPS' capabilities will be further enhanced with the integration of artificial intelligence (AI) technology and is planned to be operational by early 2025.

“We continue to improve service support to customers by implementing the latest information technology that ensures faster processes, meets customer needs precisely, and ensures security and certainty in every transaction between customers and TMI agents. All of this can be done through one reliable application that we present,” said Foster Kurniawan, Chief Technology Officer of TMI.   

“TMI believes that the launch of this SME partner product is not only an important milestone in business expansion into the retail market, but also part of our commitment to support Indonesia's economic growth. Through this initiative, we hope to strengthen financial inclusion and empower the financial capabilities of MSMEs in Indonesia, so that they continue to grow and have a strong competitiveness in the global market. Together, we can drive more inclusive and sustainable progress for the nation,” Sancoyo concluded.

About PT Asuransi Tokio Marine Indonesia (TMI)

PT Asuransi Tokio Marine Indonesia is a joint venture between Tokio Marine Asia Pte Ltd and PT Asuransi Jasa Indonesia, operating since 1975 to provide a wide range of insurance solutions to individuals and companies in Indonesia. Supported by experienced and skilled employees, and a commitment to financial strength, innovation, and customer satisfaction, we have a strong position as one of the largest general insurance companies in Indonesia.

Media Contact
Name: Dita Anggrawati / Juliana Chindra
Email: CorporatePlanning@tokiomarine.co.id
Website: www.tokiomarine.com